How Long Does it Take to Complete on a Buy to Let Mortgage?

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Buy-to-let mortgages can seem complex and time-consuming, potentially putting off prospective investors.

Here the Revolution Brokers team explains how long it usually takes to finalise a buy to let mortgage – and why it’s probably a lot more streamlined than you might think!

If you need a quick mortgage approval for an investment property purchase, please get in touch on 0330 304 3040 or via email at [email protected] for further information.

How Long Does it Take to Complete on a Buy to Let Mortgage

Can I Get a Quick Mortgage on a Buy to Let Property?

Every buy-to-let mortgage is different, but the average offer comes through in three to six weeks. If you’re happy to proceed, it’s usually around a four-week lead-time to complete the transaction.

There are many variables, so for example, if the property is part of a chain, it might take longer if we’re waiting for another home to sell.

Remortgaging a buy to let property is often much faster, and the full process from initial application to completion is usually about six weeks.

Our mortgage brokers can also recommend other solutions if you’re very short on time and cannot wait for mortgage approval.

One option could be a bridging loan, which takes significantly less time and can provide a stop-gap before remortgaging onto a normal longer-term buy to let mortgage.

What is the Application Process For a Buy to Let Mortgage?

The first step is to speak to a qualified, independent mortgage broker. We discuss your intended purchase, finances, circumstances and preferences to recommend the type of mortgage and lender we think best fits your needs. Even if you need mortgage refinance, a broker is the best person to help you out.

Next, our consultants run through a market research project to compare the best available rates.

When we’ve established the suitable offers that we believe provide optimal value, we can compare buy to let mortgages on a like-for-like basis and make enquiries with niche lenders if any of the circumstances fall outside of standard criteria.

If you’re happy to go ahead, the following stage is to put the application together and apply for an agreement in principle to support any negotiations you need to undertake with the vendor.

Lenders will then run through:

  • A valuation on the property.
  • Assessments on the rental value.
  • Affordability and eligibility checks.

After these steps, you receive a formal mortgage offer, which sets out all the terms in detail, and you’ll need to instruct your solicitors to carry out the required legal work.

Finally, you can agree on a date to exchange contracts, pay the deposit, and put a completion date in the diary to collect your keys!

What Might Delay a Buy to Let Mortgage Application?

While most applications proceed without a hitch, there are potential delays, often after the agreement in principle has been confirmed.

Possible reasons for this include:

  • Late document submissions – as your broker, we always ensure all lender requirements are complied with to avoid pushing back your exchange date.
  • Slow underwriter assessments – lenders can get busy, and they’ll need to run through their checks as quickly as possible.
  • Lack of valuation slots – surveyors can equally cause delays, and it’s up to the lender to book the valuation and how soon they choose to do so.

If there are any particular timescales at play, we’ll always advise when we can spot a possible problem or guide you through any hiccups to avoid postponing completion.

What Documents Do I Need to Apply for a Buy to Let Mortgage?

Lenders tend to have slightly different policies and requirements. Still, we’ve listed the paperwork and evidence you’ll usually need to provide during the application process for a buy to let mortgage.

  • Completed mortgage application documents with a signature and all fields filled in.
  • Proof of ID for all applicants – a passport or driving licence is the usual document.
  • Proof of address, again for every applicant on the buy to let mortgage. Most lenders will request utility bills, bank statements or credit card statements dated within the last two months.
  • Evidence of deposit funds – the lender will want to see how you intend to pay the deposit. Bank statements over the previous three months usually suffice, and if you’ve received a large payment in that time as the source of your deposit, you might need to demonstrate where the funds originated.
  • Income documentation – three months of payslips or a P60 for employed applicants, or two to three years of accounts or tax returns for self-employed landlords.

Other information a lender might need include accounts for the business if you’re taking out a buy to let mortgage through a limited company or a Special Purpose Vehicle (SPV).

HMO properties such as a house share will also require a copy of the HMO licence from the local authority or evidence that you’ve applied.

Please get in touch if you’d like any further information about these timeframes, the document requirements, or any aspect of applying for a buy to let mortgage.

Our team is available on 0330 304 3040 or at [email protected].

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